This chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts as a selection device in models with multiple REE...

In a financial market where agents trade for short-term profit and where news can increase the uncertainty of the public belief, there are strategic complementarities in the acquisition of private information and, if the cost of information is sufficiently small, a continuum of equilibrium...

The problem of expectations in economic models is reviewed through the intellectual development of the author. Initial efforts at macroeconomic modeling such as Foley-Sidrauski (Foley and Sidrauski 1971) treated expectations as conditioning variables for representative agent stock demands and...